Web 2.0 Letterpress Effect in Photoshop CS4

We have all seen it although maybe a few of us don't really remember it, it is that cool engraved text effect you see in web 2.0 design, but really the effect can be used all over, in all kinds of web designs from clear simple designs to much more intricate designs. Learn a few basic things like setting text and applying some simple, yet useful, Layer Styles to text.